© Dukascopy Bank SA
- Tokyo-Mitsubishi UFJ (based on CNBC)
Pair's Outlook
EUR/USD slipped down to 1.2051 and is currently stabilising before recommencing movement towards 1.2002/1.1976, where the pair might attempt to reverse medium-term tendency, while long-term outlook, nonetheless, should remain bearish. Rally then is likely to encounter resistances at 1.2106 and 1.2187 and possibly could extend even higher.
Traders' Sentiment
The share of bullish market participants remains at 60%, accordingly, bearish traders constitute 40% of the market, indicating elevated conviction of the market the Euro is to appreciate relatively to the greenback. However, the ratio between buy and sell orders is 41% to 59%, respectively.
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